Improving Alpha: Kevin SigRist on Modernizing Governance and Improving Investment Operations for a $200B Portfolio

Episode notes

When examining sole fiduciary states, such as North Carolina, the direction of pension plans and other asset pools typically consolidates under a single elected official, typically the State Treasurer. Combine that setup with disappointing investment performance, and the stage begins to get set to reform both governance and investment operations. This is what happened in 2025 when Brad Briner, the Treasurer of North Carolina, began to implement reforms to adopt best practices in institutional investments and lay out the new organization known as the North Carolina Investment Authority. For this episode of the Improving Alpha podcast, host Michael Oliver Weinberg welcomes Kevin SigRist, Chief Investment Officer, North Carolina Investment Authority, to discuss the $200B pension portfolio. Kevin covers not only the performance future of the plan, but the risk profile, governance, views on inflation, and other current allocator trends. Additional key highlights include: How will the significant governance reforms of 2025 impact the pension for this year and beyond, and what does Kevin expect from the asset liability study being concluded in February?

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